fter the 10-week gas pedal, qualified programs will be able to pitch their products to reputable venture capital firms.
Community Labs, a company specializing in Web3 software development, is launching a 10-week incubator program called AO Ventures focused on the Arweave ecosystem with an initial investment of $35 million.
The program, which is scheduled to begin on April 23, aims to support projects within the decentralized storage network by providing funding, mentoring and technical workshops.
The initiative is backed by venture capitalists such as Factor and Distributed Global. It provides selected Web3 entrepreneurs with access to industry veterans and the possibility of pitching their projects to high-profile venture capitalists at the end of the program.
A noteworthy aspect of the program is its inclusiveness, as participation is open to all projects using the AO computer, a decentralized computing service that leverages the Arweave blockchain.
By facilitating parallel processing, the AO computer highlights its ability to address common vulnerabilities in centralized systems, such as data breaches and censorship. This feature supports running multiple processes at the same time, which enhances scalability.
Additionally, it allows interaction with the Arweave network, powering decentralized applications in a variety of domains, including artificial intelligence and gaming.
Arweave’s token, AR, has risen more than 250 percent over the past year as part of a sustained bull market, although the token remains well below its all-time high of 2021. Last December, an unofficial Arweave fork plan caused controversy when Irys, its famed second-layer network, proposed “dropping the dataset and resetting the token supply.”
The network stores a wide range of data, from web pages to game data and non-fungible token (NFT) metadata, totaling about 57.64 pebibytes (about 64.9 million gb).
Arweave is the brainchild of Sam Williams and William Jones of the University of Kent, who wanted to solve the problem of data being deleted from the Internet, known as data impermanence, so that information, websites and applications can be used indefinitely.
It uses a unique blockchain variant called Blockweave, whose interwoven structure provides greater scalability and efficient storage options than traditional blockchains, making it ideal for storing large amounts of data.
